Indians Warming Up To Credit Cards Shows RBI Data, Value of Transactions Doubles In 2017-18

Digital transactions in India continue to rise rapidly with the number of credit cards in use rising 33 per cent in 2017-18 fiscal compared with 2016-17. The Hindu Business Line reported that the number of outstanding cards increased to 3.74 crore last fiscal from 2.98 crore the previous year.

The value of transactions through credit cards nearly doubled to Rs 4.62 lakh crore from Rs 2.43 lakh crore during the review period, while the volume of cards usage was up nearly 30 per cent at 141.3 crore as against 109. 3 crore last year. The financial daily, quoting RBI data, said financial transactions through cards continued to rise during current fiscal too.

The growth is the highest in recent years. The data is a boost to the Centre’s efforts to usher in a cashless economy and curb parallel economy, particularly after demonetisation.